Building together the best liquid staking platform — AMA for Vietnam community.
These are important weeks for Meta Pool, and one of the most relevant challenges that we are facing is providing all the information that our community needs. Our ambassador program is expanding the Meta Pool project and technology around the world and, as we always say, we really appreciate all the support coming from our members, in this case from the Vietnamese community and its ambassador.
Soon the community will need to decide and participate in the DAO (Decentralized Autonomous Organization) so, having all the questions answered and making sure that we have a great communication with you is key for the strategy and evolution of our great staking Pool.
Join our discord if you have more questions, suggestions or feedback!
1. Does Meta Pool open up other pools to stake other tokens of the NEAR system?
No currently, but it’s a possibility. This is one of the reasons that when we launched Meta Pool, there was a smart contract DAO behind it, that’s running on Astro DAO.
It’s a proposal that should be discussed in the community, right now, for all those $META tokens holders, there’s no utility for it, you are unable to do token voting, it is enabled on the Astro DAO contract, but you have to do it through the command line.
The answer to the question is no, but in the midterm we are hopeful we can do some staking of other NEP141 tokens.
2. Roadmap of Meta, Use Case when using Meta in Near Ecosystem.
To answer this question, let’s run through the numbers. Right now the roadmap for Meta Pool is simple, our objective for the protocol to be run by the Astro DAO, the intended utility for $META is to be used as a voting token for the protocol.
We understand the Astro DAO is not ready, we are working with the team in order to get the UI for the token voting, since the only way to token voting is through the command line interface which is not user-friendly. So in regard to utility we are going to be setting a couple of farm pools, in Ref.Finance and some DEXs on Aurora, which are going to be $META/stNEAR pairs. That’s how we would be putting some extra rewards through $META tokens, to incentivize the use of them.
One of the reasons of doing the IDO is to do a price discovery process, this will enable us to display an APY on the Meta Pool site, you get the APY, which is regarded as the NEAR rewards that are being allocated through the different validator notes, we would like to also display the APY regarding the meta token rewards as well. The intended use case is for it to be using a token as a token for voting on the Astro DAO, but in the immediate future is going to be used as a pair for farming on ref and some other dexes and amm.
3. Currently, the supply from $META is very large, however, the application is not much. Since then, it will make $META prices fall deeply. What Meta Pool intends to do to avoid that?
Right now, just providing a lot of value for near token holders, we understand that there’s around 5145 unique wallet addresses interacting with the Meta Pool protocol, the second largest Dapp on the NEAR ecosystem, that in itself, it’s a lot of value.
Currently, liquid on the market, 11,54M $META tokens, the total supply is 1B, but liquid on the market is just 11,5M. Then through the IDO another 28M are going to be liquid on the market. We will be launching farms on different dexes and amm in order to provide this utility for the $META token, and for it to be placed in those pools to earn some yield which is going to be $META as rewards and in the case of ref, also ref tokens.
Regarding the pricing, it’s not our goal, for us is to enable all this NEAR that it’s been staked, the more than 400M NEAR tokens that are being staked in the different validator notes to come to Meta Pool and flow back to the ecosystem, that’s our main goal. It’s not to sell $META, it’s not to pump off the price of $META, if we provide value, the token would appreciate, but that’s up to the market to decide. We are not going to do something to prevent it, we are here to build, and we are not here to speculate on the price of the $META token.
4. Metapool is showing me that it seems that you are in the direction that other systems have been doing and waiting for NEAR Ecosystem to explode. I have not seen the vision far in the medium and long term. We hope you can help me answer the following two questions:
4.1. Let me see the importance of Meta Pool in the NEAR ecosystem, in short and long term
In the short term, as a whole, Meta Pool is the second largest Dapp with TVL in the whole NEAR ecosystem, that’s besides Ref.Finance, as you see as well on ref, our the pair farm that is stNEAR<>wNEAR is the second-largest farm in ref, there’s value in it as well.
The long term; one of the things that we are going to be working hard on, is to propose stNEAR as the basic token for DeFi in the NEAR ecosystem, we believe that stNEAR is a better digital asset than wNEAR. wNEAR is not capital efficient. With stNEAR you’re staking your NEAR and you are earning your rewards, on top of that you are getting the $META governance token. Now you will be able to go either to OIN Finance, and collateralize it and get an nUSDO stable coin, you can go to Ref Finace to do some farmin on nUSDO<> stNEAR pairs, there’s definitely the midterm. Our goal is to give as much utility as we can to the liquid token, not to $META, the idea is to expose to DEXs, to AMMs, to borrow and lending platforms as well such as burrow cash, so there’s definitely a lot of potential for the liquid token.
4.2. For the same time, the final point of DeFi (decentralized finance) is still aiming to end users (including Blockchain and Non-Blockchain).
Currently, mostly only game projects, otherwise DeFi only around away Fasten and existing ones, and will be sealed.
The cash flow has no next place to pour. So, I want to know how to solve it, and what’s the vision of Meta Pool on this issue?
We want all the NEAR ecosystem to use stNEAR, one of the ideas that we are going to be proposing, for gaming platforms to start using stNEAR. How do we intend to do this? stNEAR is a token that is accruing value every thirteen hours, so what it is, it’s that games can grab stNEAR and the occurring rewards can pay for the app itself or for the different in-app purchases inside the game.
There’s still a lot of room for it to grow, for us the landing expand strategy is for us to provide good incentives for the dexes, amm, and any DApps on the NEAR ecosystem to use stNEAR, and these incentives are going to be through $META rewards. At the end of this process, if you are using stNEAR, you are supporting the Meta Pool protocol and by essence you should be rewarded by using the liquid token in any of the DApps on the ecosystem.
“We invite you to discuss all of this in the different discord channels and propose and speak your mind. We are building this, putting NEAR token holders and $META token holders in the front and center of our strategy. Our intended purpose of Meta Pool is to help decentralize the platform as much as we can. When you are staking in Meta Pool, we are distributing to 51 validator nodes that are outside the top ten validator nodes on the network. So basically you are helping improve the Nakamoto coefficient, making the network more censorship resistant, and helping new validator nodes coming into the network to get exposed to retail NEAR tokens.
5. What is the potential market? What is the target customer?
The NEAR ecosystem is still a niche market, our target users are those NEAR token holders that are staking validator nodes. We want for them to incentivize to come to Meta Pool, stake with us, help decentralize the platform, get a liquid token that can use in the DeFi ecosystem or in different DApps on NEAR, and then get rewarded meat tokens for staking in our platform, or providing liquidity.
Our potential market is more than 410M NEAR that are being staked on the different validators, we are not pursuing outside capital, we are pursuing the current liquidity of NEAR that is being staked on the different validators.
6. Are there Node Operators system on Meta Pool? I can’t find any document about this. If yes, What are the conditions to become Node Operators of Meta Pool?
No, we would never run a validator node, this goes against our ethos of what we want to build and against the ethos of helping decentralize the NEAR protocol. If you can’t find any documents about this, it’s because we don’t run a validator node.
The conditions around becoming a node operator for Meta Pool, no, you don’t become a node operator, we don’t run a network of nodes, what we do is that we are using an open source bot, that is running behind the Meta Pool staking contract, it scans the validator nodes for up and coming validator nodes and then reviews the uptime and then APY and more importantly the fees that are charging the token delegators. We take into consideration uptime, performance, good APY, and that you don’t have high fees, if they comply with those conditions then we stake on them.
7. I’m worried that when authorizing NEAR on Meta Pool, how will I know my NEAR will be safe?
Because it’s noncustodial. The Meta Pool Dapp it’s a noncustodial Dapp that means that we don’t have control over your NEAR. You always have control over your NEAR. That’s how we protect ourselves and also you as well. We are not a custody service, you are not delegating your tokens to the Meta Pool protoco. And even when you are delegating through the web wallet the only attack vector there is, even if there is a direct attack on the network or into a specific node. If that ever happens, we need to coordinate with the node operators to unstake the NEAR that has been delegating to that node.
All our strategy is putting NEAR token holders front and center of everything that we do, that’s the main reason why we build Meta Pool, and that we will continue building on top of that ethos.
Whenever we stop delivering value for the NEAR ecosystem then it’s the time to think about what we are doing and reinvent ourselves, but this is going to be done, with the community hand in hand.
8. Which team plans to develop if the Crypto market goes into the downtrend?
If the price of NEAR goes down, and the fees are not enough for us to operate, then we will need to downsize like any project out there, but we are long on NEAR.
9. Why not run a validator?
This is against our ethos, and this is against the vision of decentralizing the NEAR protocol network.
10. How will the profit from staking and providing liquidity be divided? (Users, DAO, Devs)
Lucio and I, the dev team, are not touching the treasury. That treasury is all for programs to help the Meta Pool protocol, that is being used to paid different ambassadors and leaders of the different Meta Pool communities, we did a partnership with Coineasy as well, and we are going to do partnerships with other agencies, to spread the word about Meta Pool, and of course about liquid staking on NEAR.
We figured out that the fees that we are generating around the liquid unstaking and the LP, is around 600 to 800 stNEAR, which is not a bad number, but it doesn’t help us run a full program for ambassadors or for example providing incentives for dexes or amm that are interested in partnering with. That is why we raised a seed round, we brought in strategic investors, most of them are running our validator nodes, so that’s a good perspective, and that way we can build for the long term and how to consider the needs of the validator node.
11. Where will Meta Pool revenue be taken from?
Right now, one is through the liquid unstaking, the fees that vary from 3% all the way to 0.3% depending on the amount of NEAR on the liquidity swap pool. The other one is from the LP fees that are being paid out to the liquid swap pool, and that’s the only revenues that we have right now.
We don’t take cut out of the rewards from the validator nodes, that’s their means of being profitable, we don’t want to take anything from that, we don’t cut deals with any of the validator nodes to provide more liquidity to them or more NEAR, we are distributing the NEAR that’s being staked on metapool evenly on the 51 validator nodes.
For those that are top performing, and that provide a good APY and low fees, we will stake more in them, because it’s in the Meta Pool users best interest.
12. Does Narwallets will be integrated for many projects and Token Meta holders will have any benefits in Wallet Narwallets
Narwallets it’s not even profitable right now, and there’s no business model behind it, we are hopeful that this will change, but for the time being we are focusing our efforts in Meta Pool, even though Meta Pool was incubated inside the Narwallets project, Meta Pool got bigger, and we have to focus on it to make it sustainable.
13. I will explain a litle bit about IDO
For the IDO, basically all the funds raised from the IDO, will go directly to the treasury, the team won’t take any money off the table. The developer team, the investors and the advisors are on a 12th and 24th month lockup period and then on a 12 and 24 month vesting period, we are in for the long term.
With this it’s important for you to understand that we are building for the long term, and that our best interest is to provide value for NEAR token holders and Meta Pool stakers. One of the reasons why the IDO funds will go directly to the treasury to fund more programs, and very importantly, one of the things that we are looking into is, if you have a project and you want to do an IDO, on a different launchpad that the near ecosystem have, please get in touch with us, we would like to discuss how can we help you in order for you to do the IDO using the stNEAR, the same as we are doing.
We had a couple of problems during the last two days, we did a postmortem post on Medium, but basically both contracts were using different transaction gas fees, that’s why people would see the delay, and why people that are participating in the IDO and that want to withdraw are seeing a delay on it.
We are long on NEAR, we are long on Meta Pool, we would like to support you, if you are doing an IDO and want to use stNEAR as the tradable token, we would like to talk to you and support you anyway we can.
If you are a game developer, or you’re building games on top of near, also, please reach out to us, we would like to discuss further support from the Meta Pool protocol.
Stakers Week is coming, we are going to announce it on Monday December 20th, it’s going to be through January 3rd to the 24th of January. It’s going to be 3 weeks of Stakers Week, prepare for it get your NEAR ready, and keep on staking!
Vietnam’s community, thank you so much for your support and if you have any questions don’t hesitate to reach out to your community leader, and send those questions over to us.
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